According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on automotive lightweight materials market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global automotive lightweight materials market size reached US$ 73.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 115.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.
Automotive lightweight materials are specialized products used in vehicle manufacturing to reduce weight and enhance fuel efficiency without compromising performance or safety. These materials, including high-strength steel, magnesium alloys, aluminum alloys, composites, and polymers, are engineered to be strong yet significantly lighter than traditional steel and other metals traditionally used in automotive construction. The types of lightweight materials chosen for a vehicle depend on the application requirements, such as rigidity, cost, and part complexity. The advantages of using these materials are manifold: they contribute to the overall reduction in vehicle mass, leading to lower emissions, improved handling, and increased range for electric vehicles. The incorporation of lightweight materials is a strategic aspect of automotive design, aligning with global environmental standards and consumer demands for efficient, high-performance vehicles.
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Market Trends:
The global automotive lightweight materials market is majorly driven by stringent environmental regulations worldwide that require manufacturers to reduce vehicle emissions and increase fuel efficiency. This regulatory landscape is a significant driver, compelling automakers to innovate and integrate lightweight materials into their designs. Along with this, the accelerating electric vehicle (EV) sector, where the reduction of vehicle weight is directly linked to extended battery life and range, is favoring the market. In addition, technological advancements in material science are broadening the possibilities for lightweight material applications, making them more accessible and cost-effective.
Moreover, the growing consumer demand for high-performance, energy-efficient vehicles is encouraging the automotive industry towards lightweight solutions. As the focus on sustainability intensifies, there is an emerging trend towards recycling and lifecycle assessment of materials, ensuring the end-of-life sustainability of automotive components. Furthermore, the integration of lightweight materials in automotive manufacturing strategies is creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- BASF SE
- Magna International
- Toray Industries
- Covestro AG
- ArcelorMittal
- thyssenkrupp AG
- Alcoa Corporation
- Bayer AG
- Saudi Arabia Basic Industries Corporation (SABIC)
- PPG Industries
- LyondellBasell
- Novelis
- Owens Corning Corporation
- Grupo Antolin
Automotive Lightweight Materials Market Segmentation:
Our report has categorized the market based on region, material type, technology type, component, application and vehicle type.
Breakup by Material Type:
- Metal
- High Strength Steel (HSS)
- Aluminum
- Magnesium & Titanium
- Composite
- Carbon Fiber Reinforced Polymer (CFPR)
- Glass Fiber Reinforced Polymer (GFRP)
- Natural Fiber Reinforced Polymer (NFRP)
- Other Composites
- Plastic
- Elastomer
Breakup by Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Others
Breakup by Component:
- Frame
- Wheel
- Bumper
- Door and Seat
- Instrument Panel
- Others
Breakup by Application:
- Structural
- Interior
- Exterior
- Powertrain
- Others
Breakup by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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